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DRAFT <br /> Subject To Board Approval <br /> Minutes, November 15, 1989 PAGE 13 <br /> Staff Presentation by Debbie Mulloy: <br /> 26. FORMAL PUBLIC HEARING <br /> INC. File No. M-86-130 <br /> 41230 Routt County Road 129 <br /> Steamboat Springs , CO 80487 <br /> Sec. 1 , T1N, R78W, Grand County, 9.8 acres; 111 borrow. Consideration <br /> of notice of violation, cease and desist order, corrective action and <br /> civil penalty for failure to maintain financial warranty in good <br /> standing. Withdrawn; replacement financial warranty submitted. <br /> Staff Presentation by Dave Bucknam: <br /> 27. DISCUSSION ITEM <br /> Mine SuSsidence Protection Program <br /> A) Investment Options; <br /> B) Program Audit; <br /> C ) Marketing Initiatives. <br /> The Board of Trustees for the Mine Subsidence Protection Program was <br /> convened. <br /> Staff introduced Bob Stevenson, with Johnson & Higgins, the Plan <br /> Administrator for the Mine Subsidence Protection Program. ATTACHMENT € <br /> - a November 6, 1989, memo and packet of information to the Mrd was <br /> discussed. <br /> Staff discussed an audit report, relating to the administration of the <br /> Trust Fund. According to the report, the administration of the Fund <br /> complies with accepted accounting principals, and the activities and <br /> procedures are being handled in a professional manner. Staff stated <br /> that a portion of the audit report referenced missing reports; these <br /> have been submitted. The Quarterly Report was also discussed. <br /> Trust Fund investments were discussed. Staff related that private <br /> investment opportunities , as well as the State Treasurer, were <br /> investigated. A rate comparison table, from the State Treasurer's <br /> Office, was reviewed; this compared the rate of return from the <br /> Treasury Pool and the rate possible from the Merrill-Lynch Ready Assets <br /> Trust. It was found that the State Treasurer was able to give a better <br /> rate of return than the private market. Staff said that Virginia <br /> Wagner, the Chief Investment Officer for the State Treasurer, stated <br /> that the Treasurer could set up a custodial account for the Trust, if <br /> desired. They could remove all or soft of the monies from the pool to <br /> be invested separately, as the Trustees desire. It was recommended no <br /> i nvestments of 1 es s than $1 ,000,000 be made, al though $500,000 <br /> investments would be acceptable. <br /> Staff recommended the Trustees continue to invest funds with the State <br /> Treasurer, and the Trustees concurred. <br />